OER executes extension of availability period of its senior secured loan agreement (Scandinavian Oil-Gas Magazine)

OER executes extension of availability period of its senior secured loan agreement

Published Apr 15, 2014

Oando Energy Resources Inc. has extended the availability period of the US$450 million senior secured facility agreement (the "RBL") for the acquisition of ConocoPhillips' Nigerian Upstream Oil and Gas Business to May 31, 2014.

The RBL was arranged by a group of Nigerian and international banks, including Standard Chartered Bank (acting as Facility Agent and Security Agent), BNP Paribas and Standard Bank of South Africa Limited.

The RBL is a 5.5 year facility which amortises quarterly with an annual interest rate of LIBOR plus 8.5%.

Tags: Oando Energy Resources Inc.

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